UK businesses turning away from China
Says industry group
A general view of Canary Wharf business district in London. China was Britain’s biggest source of imported goods in 2021, accounting for 13 per cent of the total, while it was the sixth-largest destination for goods exports. PHOTO: REUTERS/FILE
British businesses are cutting ties with China due to concerns about political tensions, a shift that is likely to stoke inflationary pressures, the head of the Confederation of British Industry (CBI) said in an interview published on Saturday.
"Every company that I speak to at the moment is engaged in rethinking their supply chains ... because they anticipate that our politicians will inevitably accelerate towards a decoupled world from China," CBI Director-General Tony Danker was quoted as telling the Financial Times newspaper.
For all latest news, follow The Daily Star's Google News channel. China was Britain's biggest source of imported goods in 2021, accounting for 13 per cent of the total, while it was the sixth-largest destination for goods exports, according to Britain's official trade statistics.
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